Walden v. Warren

The suit is upon a promissory note by payee against maker. There was a plea of “no consideration.” Without dispute, defendant negotiated and obtained from plaintiff a loan of $2,000, the proceeds being paid in part to defendant and the balance applied to other obligations as agreed. The loan was secured at the time by assignment of an interest in a fire insurance policy to the amount of the loan, with power of attorney to collect, a loss having already occurred. Soon thereafter the demand note sued upon was executed. It is not insisted that defendant merely sold an interest in the policy to…